3 TOPICS about Datek - pls read and answer.
1) Lazy execution.
In the 1st hour it happens very often, that I do not get fills. My personal rule is. Kill the order 2 Minutes and enter a new one, maybe with a new price. The faster you do, after one minute, the more rare are the bad surprises.
Usually trading NYSE stocks on firm quotes seems to be more safe that on the NASDAQ. I experienced that on friday when dissolving a DIGI/ALA spread, which was nail-biting and tedious.
2) Guidelines of marginability and ability to short.
Examples: ENMD, KTEL NETG, SWNT/BYNT, AMZN - a n d - changes in symbols.
There are no written and clear directives about Dateks policy or conduct in setting stocks classifications. We should demand them in writing from Datek - for our (and their) own interest and safety. I dislike investing time in evaluationg shorts (feasible ones) only to find out that they are not able to do so. Datek should treat such a requestin favour, as shorting stocks definitely creates commissions as well, along with adding liquidity.
3) Broken trades
Does anyone have experienced broken trades at datek?
Out of a few hundreds I have two so far.
One for getting a fill far (10%) off market and one, after Datek found the stock being not marginable yet - NETG. Both not in my favor.
The first one I understand - in part. I got a fill at $24 where the tape has shown $26+ consistently. But still the explanation of Datek lacks confidence as NASDAQ did not break the trade as there was no $24 trade and "cancel trade" on the tape! Datek alleged that Nasd broke the trade which was not true.
The second one - NETG which was sold off at 26 was quite difficult. If an order was accepted, which was the case - and executed at market conditions - then I must expect unconditionally that the deal should hold. (Only the russians may break up their dollar/rouble trades - they actually do).
So Datek should be so kind and direct me to buy in within a certain time - which I would agree upon , and not simply kill a deal.
In the meantime, good trading and, light a candle for the fiducit.
Christian |
